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Real Wage Rigidities and the New Keynesian Model
Blanchard, Olivier; Galí, Jordi - Barcelona Graduate School of Economics (Barcelona GSE) - 2005
Most central banks perceive a trade-off between stabilizing inflation and stabilizing the gap between output and desired output. However, the standard new Keynesian framework implies no such trade-off. In that framework, stabilizing inflation is equivalent to stabilizing the welfare-relevant...
Persistent link: https://www.econbiz.de/10010547245
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The Science of Monetary Policy: A New Keynesian Perspective
Clarida, Richard; Galí, Jordi; Gertler, Mark - C.E.P.R. Discussion Papers - 1999
This paper reviews the recent literature on monetary policy rules. We exposit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy...
Persistent link: https://www.econbiz.de/10005666476
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The euro area inefficiency gap
Galí, Jordi; Gertler, Mark; López-Salido, J. David - Banco de España - 2003
We construct a measure of Euro area cyclical efficiency, following the approach developed in Galí, Gertler and López … a time series of this gap for the Euro area, as well as its two components, the price and wage markups. As with U … also able to use our gap variable to derive a theory-based measure of the output gap for the Euro area, which we can …
Persistent link: https://www.econbiz.de/10004965249
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Monetary Policy Rules in Practice: Some International Evidence
Clarida, Richard; Galí, Jordi; Gertler, Mark - C.E.P.R. Discussion Papers - 1997
This paper reports estimates of monetary policy reaction functions for two sets of countries: the G3 (Germany, Japan and the United States) and the E3 (France, Italy and the United Kingdom). It finds that since 1979 each of the G3 central banks has pursued an implicit form of inflation...
Persistent link: https://www.econbiz.de/10005789030
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The science of monetary policy: A new Keynesian perspective
Clarida, Richard; Galí, Jordi; Gertler, Mark - Department of Economics and Business, Universitat … - 1997
This paper reviews the recent literature on monetary policy rules. We exposit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy...
Persistent link: https://www.econbiz.de/10005772011
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New Perspectives on Monetary Policy, Inflation and the Business Cycle
Galí, Jordi - C.E.P.R. Discussion Papers - 2002
The present Paper provides an overview of recent developments in the analysis of monetary policy in the presence of nominal rigidities. The Paper emphasizes the existence of several dimensions in which the recent literature provides a new perspective on the linkages among monetary policy,...
Persistent link: https://www.econbiz.de/10005124466
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Real Wage Rigidities and the New Keynesian Model
Blanchard, Olivier J; Galí, Jordi - C.E.P.R. Discussion Papers - 2005
Most central banks perceive a trade-off between stabilizing inflation and stabilizing the gap between output and desired output. However, the standard new Keynesian framework implies no such trade-off. In that framework, stabilizing inflation is equivalent to stabilizing the welfare-relevant...
Persistent link: https://www.econbiz.de/10005067562